VNUE'S INNOVATIVE METAVERSE MERCHANDISE STORE AT 70% COMPLETION

Rhea-AI Summary

VNUE, Inc. (OTC:VNUE) has announced that its ICON metaverse program is nearing completion, with the VNUE Metaverse Merchandise Store at 70% completion. This innovative store will enable the purchase of real merchandise using real currency, transforming event merchandising in the metaverse. CEO Zach Bair emphasized this as a groundbreaking opportunity for revenue generation, similar to traditional merchandising in physical events. VNUE is collaborating with the prominent South American Roblox developer Kokku to create a multi-stage virtual music festival experience on Roblox, targeting over 50 million daily active users.

Positive

• VNUE Metaverse Merchandise Store is at 70% completion.
• The initiative allows the purchase of real merchandise with real currency.
• Opportunity for revenue generation from merchandising in the metaverse.
• Collaboration with Kokku to develop a persistent virtual festival experience on Roblox.

Negative

• Uncertainties in achieving profitability and sustaining growth.
• Significant expenses incurred for expansion without assurance of covering costs.
• Potential legal and regulatory costs in new service offerings.

Virtual Merchandise will translate to real merchandise in the physical world

NEW YORK, March 21, 2023 /PRNewswire/ -- VNUE, Inc. (OTC:VNUE) announced today that another milestone in the company's ICON metaverse program is getting closer to completion: the VNUE Metaverse Merchandise Store.

A key component of the virtual festivals and arenas that the company is bringing to the metaverse is the marketing of fan merchandise.  This important element brings to the metaverse the entirely new, what the company believes to be the first time ever, stream of revenue and profits associated with entertainment event merchandising.

Event merchandising has long been an important component to artists, touring, events, venues, and festival economics. This initiative brings these economics to the metaverse with design, development, deployment, activation, sales, cash receipts, and product distribution.

Historically, gaming and merchandise opportunities have been available for sale with the currency being "Robux" on the Roblox platform. However, this new capability that the company will be providing on its persistent platform will change the proposition from virtual merchandise being purchased only with Robux, into real merchandise being purchased with real currency and delivered to gaming customers in the real world.

CEO Zach Bair said, "This innovation paves the way for the metaverse to begin to monetize entertainment event merchandising in the same manner that traditional touring, stadiums, arenas, amphitheaters, and festivals have done for years.  This further positions VNUE as being on the cutting edge - a first mover, leading the way to this new source of revenue."

VNUE is working with South American Premiere Roblox developer Kokku to build the first ever persistent multi-stage music & entertainment festival experience which will initially be deployed on Roblox's platform, with 50+ Million active daily users worldwide.

The VNUE Fest Entertainment space will operate continuously, presenting both free and ticketed concerts, music launches, listening parties and more each day across multiple themed and customizable stages and festival venues.  Fans will experience interactive games, missions, eMerch, NFTs, as well as parental controls for Roblox's young audience.

The multi-stage virtual experience will offer a permanent, persistent festival environment with customizable stages for entertainers to take up virtual residencies, while VNUE and our VIP program will power independently commissioned events that utilize repeatable, scalable, and highly creative teams and processes. Interested artists, labels, managers, agents or others should reach out to VNUE via our website.

For more information about VNUE and the ICON Metaverse Project, please visit the company's website at www.vnue.com.

Safe Harbor
This press release may contain forward looking statements which are based on current expectations, forecasts, and assumptions that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected, including statements related to the amount and timing of expected revenues, statements related to our financial performance, expected income, distributions, and future growth for upcoming quarterly and annual periods.  These risks and uncertainties are further defined in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in our filings with the SEC. Among other matters, the Company may not be able to sustain growth or achieve profitability based upon many factors including but not limited to general stock market conditions. Reference is hereby made to cautionary statements set forth in the Company's most recent SEC filings. We have incurred and will continue to incur significant expenses in our expansion of our existing as well as new service lines noting there is no assurance that we will generate enough revenues to offset those costs in both the near and long term. Additional service offerings may expose us to additional legal and regulatory costs and unknown exposure(s) based upon the various geopolitical locations we will be providing services in, the impact of which cannot be predicted at this time. 

View original content:https://www.prnewswire.com/news-releases/vnues-innovative-metaverse-merchandise-store-at-70-completion-301777119.html

SOURCE VNUE, Inc.

FAQ

What is VNUE's metaverse merchandise initiative?

VNUE is developing the VNUE Metaverse Merchandise Store, enabling real merchandise purchases in the metaverse.

When was the VNUE Metaverse Merchandise Store announcement made?

The announcement was made on March 21, 2023.

What is the current completion status of the VNUE Metaverse Merchandise Store?

The store is currently at 70% completion.

How does VNUE plan to generate revenue in the metaverse?

VNUE aims to generate revenue by allowing fans to buy real merchandise associated with entertainment events.

What partnership is VNUE pursuing for its metaverse initiative?

VNUE is working with the South American developer Kokku to create a multi-stage festival on Roblox.